PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1534545
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1534545
Multi-factor authentication (MFA) is an authentication process that requires at least two different forms of proof for identity verification. The three main types of authentication factors are: something you know (such as a password), something you have (such as a card or token), and something you are (biometrics). Biometric identification uses physiological and behavioral characteristics to authenticate a person's identity. MFA has become a popular tool for organizations to authenticate the identities of employees and vendors using a corporate network.
Iris biometrics software provides one of the most secure methods of authentication and identification due to the unique characteristics of the iris. This technology can replace current methods such as passwords, token cards, or PINs. When used in conjunction with something the user knows in a two-factor authentication system, the level of security is significantly enhanced. Various government organizations across several countries are adopting iris recognition systems for convenience purposes, such as passport-free automated border crossings and national ID programs. For instance, the Government of India has implemented iris-based biometrics in conjunction with national ID cards to authenticate people for social service benefits, passports, voter registration, and many other uses. The rise in the adoption of iris biometric solutions among government agencies is expected to drive the expansion of the iris biometrics market in the coming years.
Over the past few years, iris biometrics technology has been increasingly integrated into consumer mobile devices. This development has led to the rise of iris recognition in FinTech, IoT, and other hot verticals. Iris recognition is now widely used on mobile devices as part of the two-factor authentication process for privileged access to apps such as Internet banking and secure email access. Samsung pioneered this technology in smartphones with its Galaxy Note7, Lumia 950, Lumia 950 XL, and multiple editions of Fujitsu Arrows devices, making significant strides in the world of smartphone iris biometrics. Continuous innovations in iris biometrics and the increasing penetration of this technology in consumer electronics are expected to drive the growth of the iris biometrics market in the coming years.
In terms of value, North America has led the global iris biometrics market share due to the presence of many key players in the region. However, developing regions such as South Asia and the Pacific are expected to record higher growth rates over the forecast period. This growth is attributed to the increasing adoption of iris biometric tools among governments and law enforcement agencies. Rising security concerns and the need for iris recognition technology in e-passport and national ID programs are key factors that are predicted to drive the development of this region in the global iris biometrics market.
Product launches, enhancements in existing products, acquisitions, and partnerships with niche players are key strategies followed by leading iris biometrics market players. Some leading companies in the iris biometrics market include Thales Group, M2SYS Technology, HID Global, IRIS S.A., IDEMIA, BioEnable Technologies, NEC Corporation, and IrisGuard, Inc.
The spread of the novel coronavirus has influenced many organizations and individuals to adopt new practices, such as wearing masks and social distancing. This global crisis has also presented an unlikely business opportunity in the biometrics sector. Contactless biometric systems aimed at combating the COVID-19 virus are being launched at a significant rate. Wearing facial masks has become a norm in daily life, challenging the face recognition applications commonly used for unlocking mobile phones. This situation could accelerate and promote the wider use of iris recognition technology. The adoption of iris recognition technology has shown significant growth during the pandemic, as it can overcome the technical barriers presented when face identification is unavailable due to face coverings. The demand for iris biometric solutions is expected to increase across organizations, thereby propelling the growth of the iris biometrics industry.
A comprehensive view of the iris biometrics market trends indicates that the market is escalating at a significant rate. Regions such as North America and Europe hold a large share of the global iris biometrics market. Alliances with other tech providers along with regional expansion are strategies being employed by key players to fuel their sales growth.
Fairfield Market Research's research study on the global iris biometrics market offers a detailed market taxonomy, wherein key segments have been discussed in detail. The segmentation of the iris biometrics market has been offered on the basis of component, application, end-use industry, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Components of the iris biometrics market include iris scanners, iris recognition software, and services. The services segment is further divided into integration and deployment, biometrics consulting, and support and maintenance. Applications of iris biometrics span across access control, identity verification, and payments. The end-use industries for iris biometrics include military, government and law enforcement, banking and financial services, healthcare, consumer electronics, and others.
Geographically, the market is segmented into North America, Latin America, Europe, East Asia, South Asia and the Pacific, and the Middle East and Africa. Each region presents unique growth opportunities driven by the adoption of iris biometric technology in various sectors.
Segmentation of the Iris Biometrics Market
Fairfield Market Research's study on the global iris biometrics market provides a detailed market taxonomy, highlighting key segments. The market segmentation is based on components, applications, end-use industries, and regions. Each segment has been thoroughly analyzed, and data on the growth of each segment is included in the study.
Component
Application
End-use Industry
Region